In a nutshell what are the primary items to watch out for in the coming tax year for the middle class ( less than 90,000 per year)
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Hi elath1169,
Not a lot of changes for tax year 2023.
You will see an increase in the standard deduction, if you do not itemize;
Standard deduction increases as follows:
Also, if you have dependents the Child Tax Credit (CTC) remains at 2022 thresholds:
Also there have been changes to the energy efficient home improvement credit;
Maximum value of $1,200 per year for qualified energy efficiency improvements, such as:
Second, there is a different $2,000 per limit for the equipment cost and installation of new energy-intensive appliances, such as:
Third, as part of the $1,200 credit per year, it can cover up to $150 per year for the cost of performing a home energy audit to identify areas of needing energy efficiency improvements.
I hope you find this helpful!
Connie
Hi There:
Here's a real good article by Kiplinger which outlines the major changes to 2023, the biggest changes being changes to Income Tax Rates , Capital Gain Rates and energy credits.
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